Forward Air (NASDAQ:FWRD) Stock Price Down 18.2% – Should You Sell?

Forward Air Co. (NASDAQ:FWRD)’s share price was down 18.2% on Thursday . The stock traded as low as $17.84 and last traded at $16.96. Approximately 93,906 shares were traded during trading, a decline of 89% from the average daily volume of 859,159 shares. The stock had previously closed at $20.74.

Analyst Upgrades and Downgrades

FWRD has been the topic of several research reports. Stifel Nicolaus raised their price objective on Forward Air from $34.00 to $36.00 and gave the stock a “hold” rating in a report on Thursday, January 23rd. Benchmark restated a “hold” rating on shares of Forward Air in a report on Tuesday, January 7th. Susquehanna cut their target price on shares of Forward Air from $35.00 to $32.00 and set a “positive” rating on the stock in a research report on Monday. Finally, Robert W. Baird cut their price objective on shares of Forward Air from $32.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $35.75.

Forward Air Stock Performance

The stock has a market cap of $450.60 million, a price-to-earnings ratio of -0.62 and a beta of 1.08. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21. The firm’s 50-day moving average price is $25.88 and its two-hundred day moving average price is $31.60.

Hedge Funds Weigh In On Forward Air

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in shares of Forward Air by 688.6% during the third quarter. JPMorgan Chase & Co. now owns 326,921 shares of the transportation company’s stock worth $11,573,000 after purchasing an additional 285,465 shares during the last quarter. Weiss Asset Management LP raised its position in shares of Forward Air by 73.0% during the 3rd quarter. Weiss Asset Management LP now owns 78,803 shares of the transportation company’s stock worth $2,790,000 after purchasing an additional 33,261 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Forward Air in the fourth quarter worth $815,000. Principal Financial Group Inc. boosted its stake in shares of Forward Air by 7.3% during the fourth quarter. Principal Financial Group Inc. now owns 97,148 shares of the transportation company’s stock valued at $3,133,000 after acquiring an additional 6,629 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Forward Air in the 4th quarter worth approximately $11,140,000. 97.03% of the stock is owned by institutional investors and hedge funds.

About Forward Air

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.